Applied Digital (NASDAQ:APLD) Shares Up 7.4% – Still a Buy?

Applied Digital Co. (NASDAQ:APLD) shares were up 7.4% during trading on Monday . The stock traded as high as $7.69 and last traded at $7.59. Approximately 6,604,657 shares were traded during trading, a decline of 75% from the average daily volume of 26,206,820 shares. The stock had previously closed at $7.07.

Analyst Ratings Changes

APLD has been the topic of a number of recent research reports. HC Wainwright raised their price target on shares of Applied Digital from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Compass Point began coverage on Applied Digital in a research report on Tuesday, January 28th. They issued a “buy” rating and a $10.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 target price on shares of Applied Digital in a research report on Monday, February 24th. Northland Securities upped their price target on shares of Applied Digital from $12.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald lowered their price objective on shares of Applied Digital from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $12.11.

Applied Digital Stock Down 6.9 %

The stock has a market capitalization of $1.66 billion, a P/E ratio of -4.30 and a beta of 4.69. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.22. The firm’s fifty day moving average is $7.92 and its 200-day moving average is $8.02.

Applied Digital (NASDAQ:APLD) last announced its earnings results on Tuesday, January 14th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.08. Applied Digital had a negative return on equity of 117.67% and a negative net margin of 127.86%. The business had revenue of $63.87 million for the quarter, compared to the consensus estimate of $62.41 million. During the same period in the previous year, the business earned ($0.05) EPS. Applied Digital’s revenue was up 51.3% compared to the same quarter last year. As a group, equities research analysts predict that Applied Digital Co. will post -0.96 earnings per share for the current year.

Insider Activity at Applied Digital

In related news, Director Richard N. Nottenburg sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $177,000.00. Following the completion of the sale, the director now owns 342,923 shares of the company’s stock, valued at $3,034,868.55. This trade represents a 5.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 11.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Applied Digital

Several hedge funds and other institutional investors have recently made changes to their positions in APLD. Wilmington Savings Fund Society FSB boosted its holdings in Applied Digital by 100.0% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 4,000 shares of the company’s stock valued at $31,000 after acquiring an additional 2,000 shares during the last quarter. R Squared Ltd bought a new position in shares of Applied Digital in the 4th quarter valued at about $36,000. US Bancorp DE acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $37,000. Jones Financial Companies Lllp acquired a new stake in shares of Applied Digital during the 4th quarter worth approximately $39,000. Finally, Spire Wealth Management bought a new stake in shares of Applied Digital during the fourth quarter worth approximately $43,000. 65.67% of the stock is owned by institutional investors and hedge funds.

About Applied Digital

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services.